Rent A Room

Some people rent space in their homes to other individuals. Normally all income from letting including in your own home, needs to be reported to HM Revenue & Customs. However, the Revenue recognise that not all income received will be chargeable once all allowable expenses have been deducted – hence rent-a-room relief.

As a general rule […]

May 15th, 2014|

Thinking of becoming a landlord or a new landlord

If you are thinking of purchasing a buy to let property or you have recently become a landlord there are a few things you should know

–          Not all monies spent on the property are an allowable expense. Some items are in fact capital. If it is an allowable expense the monies spent are set against […]

May 15th, 2014|

Do I need to do a tax return?

If any of the following apply to you then you must complete a tax return

–          You are a director of any company other than a charity regardless of whether or not you receive an income from the company

–          A minister of religion regardless of your faith

–          A member or name of Lloyds of London

–          You […]

May 15th, 2014|

Contractor Tax Return Only

There are many contractor accountancy providers, such as Paystream, SJD, Brookson, Nixon Williams, Cornerstone, First Contact and others. However unlike Advantage ATO many of them do not include the personal Tax Return in their monthly fee for contractors working via a Ltd Company.

Often they will charge upwards of £180.00 including VAT, at Advantage ATO we […]

May 15th, 2014|

How do I get paid from my Ltd Company?

As a company Director you are not bound by the minimum wage and you can draw as much or as little as you wish in terms of Directors Fee from the company (this is basically a salary). In the main most Directors will take a small salary that is pegged around the National Insurance threshold, […]

May 15th, 2014|

Types of expenditure, what can I claim for?

Training – The cost of any training undertaken to put you in a position to carry out your job is not allowable, for example if you trained as a plumber the cost of the course would not be allowed as it is merely to put you in the position to carry out plumbing work and […]

May 15th, 2014|

Expenses, what and how do you claim for expenses

During the course of your business you will incur some expenditure, this could be common things such as travel, hotels, sundry items such as postage. Some of this will be paid from your own personal funds in which case you can claim it back from your company.

For example say you have to go away on […]

May 15th, 2014|